In a lightly publicized event over the weekend, a trader in London at PVM Oil Futures, the largest oil trading firm, made “unauthorized” purchases of oil contracts at 2 am. The trades pushed the price of Brent crude up to $73.50/bbl on Tuesday, the highest price this year, before dropping to $66 by the end […]
Oil prices rose yesterday as Goldman Sachs stated it expects prices to reach $85 by the end of the year from its current level just below $70. Its analysts believe the recent price increase is the first stage of a longer sustained rally. They are right to see oil price rise over the long-term as […]
Oil has finished higher during 16 of the last 20 trading sessions and seven straight as it continues to rise from lows in February. Although it looks set to close lower today as traders cash in on recent gains, the price has increased over 110% over the past four months. But the fundamental drivers over […]